B) In the case of delay in delivery of the goods the Sellers are to pay the Buyers a penalty calculated from the first day of delay at the following rates:
· during the first 30 days - …% for each day;
· during the following 30 days - …% for each day; and
· thereafter - …% for each day of delay.
The rate of penalty is not subject to any alteration by arbitration. Payment of the penalty and/or agreed and liquidated damages does not free the Sellers from fulfilling their obligations under the present Contract. The claim in respect of payment of the penalty is to be made within 3 months. Herewith this period starts from the day of fulfilling obligations under this Contract or the day when the penalty by this basis reaches the maximum, if the obligation has not been fulfilled by that day.
C) 1. In case delays in delivery of the goods take place the Sellers are to pay the Buyers a penalty at the rate of …% of the value of the goods delayed for each week of the delay during the first … weeks and …% for each following week. However, the total sum of the penalty is not to exceed …% of the value of the goods delayed.
2. The sum of the penalty is to be deducted by the Buyers from the Sellers’ invoices when paying them. Should the Buyers fail to deduct the penalty sum from the Sellers’ invoice for some reason or other, the latter are to pay it immediately at the Buyers’ first request.
3.In case the delay in delivery exceeds 4 months, the Buyers have the right to cancel the Contract wholly or partially.
4.In the case of non-notification or overdue notification about loaded equipment the Sellers are to pay the Buyers a penalty at the rate of …% of the value of loaded equipment.
Insurance against marine risks are made by the Sellers and accepted by the Buyers’ at their first request 5 days before the beginning of loading.
The Buyers are to take care of and to cover expanses for insurance in Insurance Foreign Agency of the Russian Federation delivered according to this Contract equipment from the Sellers’ works up to the moment of it’s arrival at the Buyers’ works.
3.02 Force-majeure(contingencies) p.118, ex.7
A) Should any circumstances arise preventing either of the parties from fulfilling their respective obligations under the present Contract partially or in full, namely: fire, acts of God, a ban on exports or imports or any other circumstances beyond the control of either contractual party, the time of obligations fulfillment is to be extended for a period equal to that during which such circumstances will remain in force. Should the duration of these circumstances exceed 6 months, each party will have the right suspend further fulfillment of its obligations under the Contract and in this case neither party will have the right to demand any compensation for eventual losses from the other party. The party which is unable to fulfill its obligation under this Contract is to immediately inform the other Party of the occurrence and cessation of the circumstances preventing fulfillment of the obligations. The Certificate issued by the Chamber of Commerce will be sufficient proof of the existence and duration of above-stated circumstances.
B) In the case force-majeure circumstances (fire, flood, earthquake, epidemic) arise the time of delivery stipulated under the present Contract is to be extended for a period equal to that during which these circumstances will remain in force, because they affect significantly the observance of the contractual date or that part of it which is be delivered after occurrence of above circumstances. The Buyers have the right to refuse from fulfillment of their obligations under the Contract partially or in full, if the delay in the delivery due to force- majeure circumstances is more than 6 months .
C) 1.Neither party is to take responsibility for not fulfilling their obligations partially or in full, should non-fulfillment is caused by such circumstances as flood, fire, earthquake or other acts of God, as well as war or hostilities which arise after conclusion of this Contract. Should such circumstances affect directly fulfillment of the obligations within the period stipulated under the Contract, the period of their fulfillment is to be extended for a period equal to that during which such circumstances will remain in force.
2. The Party which is unable to fulfill its obligations is to immediately inform the other Party of the occurrence, anticipated duration and cessation of the above – stated circumstances in writing, however not later than 30 days from the date of beginning of the above circumstances. The data included in the message shall be confirmed by the Chamber of Commerce (and Industry) or any other authorized body or an organization in respective country. Non- notification or overdue notification deprives the Sellers of the right to refer to any of above-mentioned circumstances as to the cause releasing them from the responsibility for non- fulfillment of any obligation.
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